Americans are more likely to pay with a credit card than with cash than ever before. With a credit card, consumers can buy now and pay later and earn rewards like cash back and travel points for meeting certain spending thresholds. While credit cards have obvious appeal, they can also be dangerous, as easy credit appears to be saddling a growing number of Americans with considerable debt.

According to the Federal Reserve, Americans owe a record $1.04 trillion in credit card debt — up from less than $854 billion five years ago.